Investment firm takes ‘significant’ stake in Cumbria advice company

Bolton-based investment management firm, Marlborough Group, has taken a stake in Cumbrian advice company Truly Independent.

It said it was a “significant” investment in the Carlisle company, but declined to say how much, although reports claim it could be between 25-50%.

Truly Independent has 75 financial advisers and £1.5bn in assets under administration.

Richard Goodall, chief excutive of Marlborough Group, which has £11bn of assets under management, said: “The team at Truly Independent have greatly impressed us over the years we’ve been working with them.
“Like us, they have a strong entrepreneurial spirit, a commitment to delivering first class outcomes for clients and that all-important ‘can-do’ attitude.

“They have ambitious plans for growth and we’re strong believers in their story, so we’re investing to support it. We won’t be trying to change anything. We’re investing to share in the success of what we believe is an outstanding business.”

Andrew Goodwin, founder and chief executive of Truly Independent, said: “This investment will provide valuable growth capital as we continue to bring on board new advisers who are keen to join one of the UK’s fastest growing and most ambitious independent financial advice firms.

“Equally important, though, is that we will benefit from the huge breadth and depth of experience within the Marlborough Group.

“They have a well deserved reputation for investment excellence, which is one of the reasons we use their MPS service, but they have a wealth of expertise in other areas too that will be valuable in supporting our continuing growth.”

Truly, which was founded in 2009, said it plans to use the new investment to expand the company and recruit new advisers.